Sioni Group pays $50M to Ponte Gadea for office in Grand Central, down from $115.5M

Sioni Group through the entity 366 Mad LLC paid $50 million to Ponte Gadea through the entity Ponte Gadea Madison, LLC for the office building (O6) at 366 Madison Avenue in Grand Central, Manhattan. The expected use is cash flowing.
The deal closed on October 21, 2025 and was recorded on October 23, 2025. The property has 84,518 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $591 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 16, 2006, for $115.5 million. The signatory for Ponte Gadea was Alina Toyos . The signatory for Sioni Group was Payman Yadidi, also known as Ray Yadidi . The contract date was August 21, 2025.

Sioni Group financed the purchase with a $28.5 million loan from Valley National Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sioni Group purchased one property in one transaction for a total of $21.3 million and has no record it sold any properties over the past 24 months.
The seller Ponte Gadea had not purchased any other properties and had not sold any properties over the same time period. The 84,518-square-foot property generated revenue of $7.2 million or $85 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 84,518 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 60 feet deep with a total lot size of 6,025 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $35.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,075 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 4, 2019. On the lot, there is one active major alteration construction project, 123289734, for a 85,829 square-foot M building. The project was submitted by Alina Toyos with plans filed October 27, 2017 and permitted October 31, 2018.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 1,365,147 square feet of the 1,539,951 square feet. The largest owner is Pia Investments Ltd., followed by Malkin Holdings and then Heirs Of Milton Kimmelman.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Sioni Group owned at least 10 commercial properties with 829 residential units in New York City with 1,153,984 square feet and a city-determined market value of $300.5 million. (Market value is typically about 50% of actual value.) The portfolio has $534.7 million in debt, with top three lenders as Valley National Bank, Crum & Forster, and Kennedy Wilson respectively. Within the portfolio, the bulk, or 59 percent of the 1,153,984 square feet of built space are office properties, with hotel properties next occupying 41 percent of the space. They are all located in Manhattan.

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